MIRA
INFORM REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
CONTROL ELECTRIC COMPANY PRIVATE LIMITED |
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Registered Office : |
401, Ansal Chambers-II, 6, Bhikaji Cama Place, New Delhi – 110 066,
Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.01.1995 |
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Com. Reg. No.: |
55-64536 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC064536 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC06510A |
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PAN No.: [Permanent
Account No.] |
AAACC3566E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electrical Household and Other Goods, Components
Services Providers in :Development of industrial automation software and
engineering drawings, scada projects, turnkey automation projects. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 7000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Payments are slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jay Sinha |
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Designation : |
Managers |
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Contact No.: |
91-9818689134 |
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Date : |
24.07.2008 |
LOCATIONS
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Registered Office / Factory : |
401, Ansal Chambers-II, 6, Bhikaji Cama Place, New Delhi – 110 066,
Delhi, India |
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E-Mail : |
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Website : |
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Head Office : |
A-80, Sector 80, Phase II, Noida – 201 305, Uttar Pradesh, India |
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Tel. No.: |
91-120-4217191 |
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Fax No.: |
91-120-4217180 |
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Mobile No. : |
91-9818689117 / 9818689134 |
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Area : |
500 Sq. ft. |
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Location : |
Owned |
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Overseas Office : |
4870 Saddle Oak Trail, Sarasota, FL 34241, USA |
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Tel. No.: |
91-1-941 9244321 |
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Fax No.: |
91-1-941 9291951 |
DIRECTORS
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Name : |
Mr. Dinesh Kaul |
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Designation : |
Director |
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Address : |
B-74, Sector 36, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
43 Years |
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Qualification : |
Engineer |
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Date of Appointment : |
19.01.1995 |
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Name : |
Mrs. Anila Kaul |
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Designation : |
Director |
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Address : |
B-74, Sector 36, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
09.02.1965 |
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Date of Appointment : |
02.09.2002 |
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Name : |
Mr. Pushkar Kaul |
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Designation : |
Director |
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Address : |
B-74, Sector 36, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
11.10.1935 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
31.01.2007 |
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Name : |
Mr. Hari Prasad Agarwal |
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Designation : |
Director |
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Address : |
A-8,Sector – 27, Noida, Uttar Pradesh, India |
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Date of Appointment : |
08.02.2004 |
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Date of Ceasing : |
30.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Dinesh Kaul |
5401 |
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Anila Kaul |
320 |
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Ravi Munshi |
5630 |
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Total |
11351 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electrical Household and Other Goods, Components
Services Providers in :Development of industrial automation software and engineering
drawings, scada projects, turnkey automation projects. |
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Products : |
Automation Product ·
PLCs ·
Scada ·
AC Drives ·
Touch Screens and HMI ·
Engineering Information Systems - Web Based ·
Asset Management Solutions Manufactured Products ·
Motor Control Centers ·
Mimic Control Desks ·
Power Distribution Boards ·
Power Source Synchronising Panels ·
Soft Starters |
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Exports : |
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Products : |
·
Electrical goods ·
Plc panels |
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Countries : |
·
USA ·
Singapore |
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Terms : |
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Selling : |
Cash and Credit (30 days) – Post dated cheque |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
·
Indo Asian Switchgear Limited ·
Bellis India Limited ·
Appolo Hospital Limited ·
Til Limited ·
Indian Oil Corporation Limited ·
CMI Limited ·
Ad-Hydro Pnumatic Engineering ·
Wpil Limited ·
Seil Limited ·
Punj Lloyd Limited ·
Duracell India (P) Limited ·
Geep Industries Limited ·
B.Seenaia and Company Limited ·
Sulzer Flovel Hydro Limited ·
Fedder Lloyd Limited ·
Oriental Structures Engineering Limited ·
Batliboi Limited ·
Bses Limited ·
Anil Modi Oil Mill ·
C.L. Gupta Exports Limited |
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No. of Employees : |
70 (In Office 30 and In Factory 40) |
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Bankers : |
The Jammu and
Kashmir Bank Limited P-2, J O P Plaza,
Sector – 18, Noida – 201 301, Uttar Pradesh, India |
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Facilities : |
CC Rs.2.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
VSH and Associates Chartered Accountants |
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Address : |
316, Khaneja Complex, R-22, Shakarpur, Delhi – 110 092, Delhi, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11351 |
Equity Shares |
Rs.100/- each |
Rs.1.135
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.135 |
1.135 |
1.135 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.256 |
0.288 |
0.328 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.391 |
1.423 |
1.463 |
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LOAN FUNDS |
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1] Secured Loans |
2.785 |
1.999 |
3.045 |
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2] Unsecured Loans |
0.008 |
0.340 |
1.140 |
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TOTAL BORROWING |
2.793 |
2.339 |
4.185 |
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DEFERRED TAX LIABILITIES |
0.034 |
0.061 |
0.083 |
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TOTAL |
4.218 |
3.823 |
5.731 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.410 |
3.415 |
3.465 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.210
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2.400 |
1.779 |
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Sundry Debtors |
2.151
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2.588 |
6.841 |
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Cash & Bank Balances |
0.913
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0.853 |
0.184 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.001
|
1.044 |
0.381 |
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Total
Current Assets |
8.275
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6.885 |
9.185 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.195
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6.264 |
6.809 |
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Provisions |
0.272
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0.213 |
0.110 |
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Total
Current Liabilities |
7.467
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6.477 |
6.919 |
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Net Current Assets |
0.808
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0.408 |
2.266 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.218 |
3.823 |
5.731 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.38
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6.20 |
7.59 |
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Current Ratio (Current Asset/Current Liability) |
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1.11
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1.06 |
1.33 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
CONTROL ELECTRIC COMPANY PRIVATE LIMITED |
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Statutory Approvals |
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Income Tax Registration |
AAACC3566E |
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VAT/ TIN Registration |
093660003/4 |
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Name of Bank |
Jammu and Kashmir Bank |
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Current Account Number |
CC140 |
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Account Since |
1997 |
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Credibility Factors |
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IndiaMART Client Since |
2 Years |
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Years of Establishment |
1997 |
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Turn Over |
Rs.25.000 millions |
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Turn Over Year |
Rs.30.000 millions |
Trade References :
·
United engineering Corporation – Chennai
·
CHM Project – Delhi
Form No. 8
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Name of the company |
CONTROL ELECTRIC COMPANY PRIVATE LIMITED |
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Presented By |
Mr. Dinesh Kaul |
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1) Date and description of instrument creating the change |
24.07.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.650 million
(CC) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A per Deed of
Hypothecation dated 24.07.2004 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Stocks of
Electrical Pand, Switch gears, Electrical Goods CR Sheets @ 12% P.A. |
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5) Name and Address and description of the person entitled to the charge. |
The Jammu and
Kashmir Bank Limited P-2, J O P Plaza,
Sector – 18, Noida – 201 301, Uttar Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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Corporate
identity number of the company |
55-64536 |
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Name of the
company |
CONTROL ELECTRIC COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B-135/3, Okhla
Industrial Area, Phase – 1, New Delhi – 110 020 |
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This form is for |
Modification of
charge |
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Type of charge |
·
Hypothecation ·
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
The Jammu and
Kashmir Bank Limited P-2, J O P Plaza,
Sector – 18, Noida – 201 301, Uttar Pradesh, India |
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Nature of
instrument creating charge |
·
Deed of
Hypothecation ·
Extension of
charge ·
Demand
Promisory Note |
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Date of
instrument Creating the charge |
17.02.2006 |
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Amount secured by
the charge |
Rs.1.878 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest @ 12%
P.A. with Maturity monthly rests till final adjustment at 25% margins. |
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Particulars of
the property charged |
Land and Factory building
situated at A-80, Sector-80, Noida, Uttar Pradesh, India |
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Charge
identification number of the charge to be modified |
646469 dated
15.04.2005 |
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Brief description
of the instrument modifying the charge under section 135 |
·
Deed of
Hypothecation ·
Extension of
charge Demand Promisory
Note |
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Date of
instrument modifying the charge |
17.02.2006 |
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Particulars of
the present modification |
Enhancement of
cash credit limit from Rs.0.650 million to 1.200 millions and fresh B/G Limit
of Rs.0.500 million |
Web Details
Subject are engaged in Industrial Process Automation, PLC, SCADA,
Instrumentation and Panel Engineering and Turnkey Jobs. They at Control
Electric have been in business since 1989.
They employ about 40 people full time, including Engineers, Designers,
Programmers, Technicians and Supervisors. Additionally they have floating
employees and associates whom they engage on a project to project basis. The
director Mr.Dinesh Kaul who has relevant experience of more than 26 years,
leads this team.
On theeir overseas assignments they are guided by the affiliated company,
Munshi Consulting, Inc., based at Florida , USA . The Director Mr.Ravi Munshi,
who has extensive experience of more than three decades, leads this team.
They are located at the own premises at Noida, India.
Applications
Handled using PLC’s / SCADA
·
Air Dryers Seed Processing
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Water Treatment Plant
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Material Handling Equipment
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Bottling Plant
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Air Conditioning System
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Power Source Synchronising
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Pumping Control Station
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DG SETS
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Sulphuric Acid Plant
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Power management
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Dam gate management
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Coil Winding Machine
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Dm Plant
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Die Casting Machine
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Grease Filling Machines
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Cement Plant
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Bathtub Manufacturing Line
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Printing Machine
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Packaging Machine
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Thermoforming Machines
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.49 |
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UK Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.66.33 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|